Wise Reviews

Wise Return Policy Overview

Refund Eligibility: Refunds are typically issued when the merchant confirms a refund. This process can take 5–15 days for the funds to appear in your account.

Refund Process: Refunds are sent back to the original payment method. If the transaction is still pending, it may take 7 to 30 days for the funds to return.

Direct Debits: A refund request can be made within 8 weeks of the payment date if there was an error or unauthorized charge.

For further details, refer to Wise's official guidelines.

Here are the top 10 alternatives to Wise.com:

1. Revolut
2. Payoneer
3. N26
4. Monese
5. ZEN.com
6. Nuri (Formerly Bitwala)
7. Paypal
8. OFX
9. Remitly
10. WorldRemit

These platforms offer a range of services similar to Wise, including international money transfers, multi-currency accounts, and more. Some of them, like OFX and Remitly, are particularly good for large and small amounts respectively. Others, like Revolut and Payoneer, offer competitive services across the board. It's recommended to explore each platform to find the one that best suits your needs.

To open an account on Wise.com, follow these steps:

1. Register online in minutes. This can be done on the Wise website or by downloading the Wise app. Look for the Register button, click, and enter your email address. Alternatively, sign up using a Google, Facebook or Apple account.
2. Choose the type of account, the country, and the currency you want to use.
3. Get a Wise account number and routing number that you can use for transactions.
4. Link your bank account or debit card to your Wise account and verify your identity and contact information.
5. Open a new currency balance and send or receive money using your Wise account.

Remember, to keep customers and their money safe, and to comply with financial regulations in the US and around the world, Wise must verify customers' identity. Whenever a verification step is needed, you will be prompted with which information or documentation will be required in order to follow through with your transaction. This could include your passport (photo page only), your national ID card (both sides), or your driver's license (both sides).

Wise.com's pricing structure is designed to be transparent and fair, with customers only paying for the services they use. There are no subscription or monthly fees, and all costs are shown upfront. For sending money, fees vary by currency and start from 0.39%. The Wise debit card allows for free withdrawals up to 100 USD per month; beyond that, there is a 2% fee. Adding money to the account or converting currencies also starts from a 0.39% fee. Receiving money in 10 currencies is free, but there is a fixed fee for receiving USD wire payments at 4.14 USD and CAD Swift payments at 10 CAD. The cost for a new Wise debit card is 9 USD. These principles ensure that the costs are low, with a commitment to reducing them further over time, maintaining transparency, and being fair to all users by charging only for the services they utilize.

Wise.com is renowned for its international money transfer service, which allows users to send money abroad at the mid-market rate. The Wise account is another popular product, enabling customers to hold and convert over 40 currencies and get paid in 9 currencies with local bank details. The Wise debit card is widely used for spending in multiple currencies without foreign transaction fees. For larger transactions, Wise offers a large amount transfer service. Businesses can benefit from the Wise Business account, which includes a business debit card and the ability to make mass payments. Additionally, the Wise Platform integrates their services into other websites or apps, expanding their reach and utility. These products and services are tailored to provide a comprehensive and international financial experience for both personal and business customers.

Wise.com offers a variety of payment methods for users to fund their transfers. Customers can use their debit or credit cards, including Visa, Mastercard, and some Maestro cards with a 16-digit number, expiry date, and 3D security. However, American Express (AMEX) cards are not accepted. For bank transfers, users can pay through their online banking, over the phone, or in person at a bank branch. Wise also supports ACH (direct deposit), wire transfer, and Apple Pay for certain regions. It's important to note that the card used must be in the name of the Wise account holder, and some restrictions apply based on the country of issuance and the currency being paid or transferred.

Wise.com, being a financial service that operates online, does not have a shipping policy as it does not deal with physical goods. Regarding the return policy, if a transfer is cancelled or the recipient bank sends the money back, Wise will automatically refund the amount to the bank account or card used for payment. If the transfer was funded from a Wise balance, the refund would go back to the balance. For certain currencies where the bank account details are not visible to Wise, customers may be asked to provide their bank account details to process the refund. This ensures that the funds are returned securely and efficiently to the rightful owner.

Wise.com's fee structure is transparent and cost-effective, with the principle of paying only for what you use. There are no subscription or monthly fees. For sending money, the fee varies by currency, starting from 0.39%. The Wise debit card allows free ATM withdrawals up to 100 USD per month, after which a 2% fee applies. Adding money to the account or converting currencies also incurs a fee starting from 0.39%. Receiving money in 10 currencies is free, except for USD wire payments which have a fixed fee of 4.14 USD and CAD Swift payments at 10 CAD. The cost for a new Wise debit card is 9 USD. These fees are designed to be low and transparent, with a commitment to further reduction over time.

Wise, formerly known as TransferWise, is a financial technology company that offers international money transfer services. It differs from traditional banks in several key areas. Wise has built its own payment network, which bypasses the SWIFT network used by banks, resulting in faster and often cheaper transfers. The company is known for its transparent fees, which are disclosed upfront, and it uses the mid-market exchange rate without adding a markup, unlike banks that may include a variable markup in their exchange rates. Additionally, Wise's multi-currency account allows individuals and businesses to hold, send, spend, and exchange over 50 currencies, as well as receive payments like a local in various currencies. This can be more flexible than the multi-currency and foreign currency accounts typically offered by banks. Traditional banks, on the other hand, may have higher transfer costs due to third-party charges and use the SWIFT network, which can slow down the transfer process to 3-5 days. In contrast, over 50% of Wise payments are instant, and almost all arrive within 24 hours. However, it's important to note that while Wise can be more cost-effective and quicker for international transfers, it may charge higher transfer fees than some competitors and does not offer options for cash delivery to a home or business.

Wise offers separate accounts for personal and business use, each designed to cater to the specific needs of individuals and companies. The personal account is ideal for those living, working, or traveling abroad, allowing them to send, spend, and receive money internationally. It supports holding over 40 different currencies and provides a debit card for spending in various currencies. On the other hand, the business account includes additional features tailored for businesses, such as tools for managing finances, invoicing, and making batch payments. While it is possible to use Wise for both personal and business purposes, it is recommended to maintain separate accounts to keep finances organized and to take advantage of the unique features each account type offers. This separation also helps in maintaining clarity for tax purposes and protecting personal assets.